Thai Chamber of Commerce proposes 9 measures to tackle global economic slowdown

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BANGKOK, 5 September 2012  – The Thai Chamber of Commerce (TCC) has proposed a set of measures to cope with the impact of the global economic slowdown. 

TCC Vice Chairman Bhumintr Harinsuit said on Tuesday that Asian economy, including Thailand, has been affected by the economic crises in Europe and the US, which have continued to expand its impact, during the past few months.

Mr. Bhumintr stated that the effects have been both direct and indirect, with countries, including China, India, Japan, South Korea, Taiwan, Hong Kong and Singapore, suffering a significant decline in exports while many were forced to adjust lower their GDP projections for this year.

For Thailand, exports during the first 7 months of this year slipped 0.4 percent to total value of 131.8 billion dollars, while imports expanded 10.5 percent to 143.89 billion dollars. As a result, Thailand has suffered a trade deficit of 12.08 billion dollars.

He added that the consumer confidence in August also inched down to 77.9 percent, from 78.1 percent in July.

Mr. Bhumintr stated that if the government is determined to boost Thai economy to grow 5-6 percent in 2012 and more than 5 percent in 2013, a number of actions should be immediately taken.

The TCC Vice Chairman said that 9 measures have been come up for the government and the private sector to implement. For the government, recommended measures include the injection of budget for state projects, the promotion of border trade, the stabilization of foreign exchange rates, the promotion of Thai tourism, the achievement of political stability and the boosting of liquidity for the private sector.

The TCC also urged the private sector to work with the government to identify new markets, expand border trade, promote Thai tourism and upgrade labor skills.